In 2020, the COVID-19 pandemic raged most fiercely in the United States and Europe, while many emerging market regions escaped relatively unscathed from the worst of the health impacts. But in 2021, the virus has devastated millions of lives in India, much of Southeast Asia, and Latin America, and is on the rise in Africa. This panel will explore the economic and developmental impacts of the ongoing health crisis. What are the major risks for long-term social and economic development? What strategies can best help emerging market countries navigate their way to a robust recovery?